Which Statement Is Not Correct About Perpetual Inventory Systems

question 110

Multiple Choice

Which statement is not correct about perpetual inventory systems?

• A) The balance in the Inventory account is always up-to-date.
• B) A physical inventory count is not required.
• C) Current information is available for cost of goods sold.
• D) The Inventory account is updated for each purchase and sale.

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Definitions:

Industrial Unions

Organizations that represent all workers, skilled and unskilled, in a particular industry.

Craft Unions

Labor unions that represent workers specialized in a particular craft or trade, focusing on securing better wages, hours, and working conditions for their members.

Industry

Sectors of the economy concerned with the production and manufacture of goods, often categorized into heavy, light, and high-tech segments.

Organization Design

The process of shaping an organization's structure and roles to align with business objectives and strategies.